BUZZ-Alts bounce back after 'better than feared' Q2 redemption requests at BCRED
Apollo Global Management Inc APO | 0.00 | |
Ares Management Corporation ARES | 0.00 | |
KKR & Co KKR | 0.00 | |
Carlyle Group Inc CG | 0.00 | |
Blue Owl Capital OWL | 0.00 |
** Shares of U.S. alternative asset managers jump after Blackstone Private Credit Fund unveils Q2 tender offer results
** Ares Management ARES.N rises 5.5%, Apollo Global Management APO.N climbs 2.6%, KKR KKR.N gains 5.8% while Carlyle Group CG.O advances 3.1%
** Blackstone BX.N and Blue Owl Capital OWL.N jump more than 7%
** Investors in BCRED sought to pull 10% of outstanding shares in the second-quarter tender offer, which was "better than feared" per sell-side analysts
** "Overall, we think 10% is better than feared and consistent with the step-up we saw with Cliffwater just a few days ago" - Evercore analyst Glenn Schorr
** "We view the news mixed to positive as total tendered redemptions were higher Q/Q but likely lower than expectations given other recent private credit vehicles" - TD Cowen analyst Bill Katz
** "Expect the stock to trade higher on the better than feared results," Katz added